India secures 2nd position in list of most attractive manufacturing hub globally

India has become the second-most sought-after manufacturing destination globally leaving behind the United States. While, China has secured number one position said real estate consultant Cushman & Wakefield in its 2021 Global Manufacturing Risk Index. 

The United States takes the third spot after India as the most sought-after manufacturing destination globally followed by Canada, Czech Republic, Indonesia, Lithuania, Thailand, Malaysia and Poland. 

In the previous year's report the United States had secured 2nd position while India was at third. According to Cushman, India securing second rank indicates manufacturers interest growing here as a preferred manufacturing hub over other countries, including the US and those in the Asia-Pacific region. 

"The growing focus on India can be attributed to India's operating conditions and cost competitiveness. Also, the country's proven success in meeting outsourcing requirements has led to the increase in the ranking year-on-year," the statement said. 

The rankings are determined based on four key parameters: 

1. Country's capability to restart manufacturing
2. Business environment 
3. Operating costs
4. Risks 

The baseline ranking for top manufacturing destinations is determined on the basis of a country's operating conditions and cost effectiveness. In cost scenario rankings India ranked third while Vietnam ranked on fourth position.